US execution-only institutional brokerage Jones Trading has appointed former Barclays and Lehman Brothers executive Seth Michaels to run its advisory services business.
Jones’ advisory services unit was established in response to growing demand for unconflicted best execution and related services among investment advisors, family offices and professional traders.
Michaels, a 20-year prime brokerage and equity finance veteran, most recently managed Barclays’ high-net worth client financing business and previously managed Neuberger Berman Clearing Services, a Lehman Brothers subsidiary that provided execution, reporting, custody and clearing services to broker-dealers, investment advisors and hedge funds.
“Our approach offers clients an efficient and cost-effective alternative to the traditional model of captive custodial trading. Jones Trading's national footprint and international capabilities will provide our clients with product breadth, market insights and execution capabilities formerly available to only the largest institutions,” said Michaels.
Los Angeles-based Jones Trading provides institutional investors with block trading services in US securities and derivatives instruments, as well as independent research, commission management and other capital markets services.